Steve Jobs' successor Tim Cook highest paid CEO

By Chenda Ngak

January 11, 2012 / 10:16 AM
/ CBS News

FILE - In this file photo taken Jan. 11, 2011, Tim Cook, Chief Operating Officer of Apple, announces that Verizon Wireless will carry Apple's iPhone, in New York. Apple Inc. on Wednesday, Aug. 24, 2011 said Steve Jobs is resigning as CEO, effective immediately. He will be replaced by Cook, who was the company's chief operating officer. It said Jobs has been elected as Apple's chairman. (AP Photo/Mark Lennihan, File)
Mark Lennihan

Trending News

According to the Los Angeles Times, Cook's compensation was valued at $378 million. Most of which comes in the form of stock options - 1 million shares of restricted stocks worth $376.

The rest of Cook's pay includes a $900,000 salary, $900,000 performance bonus and $16,420 in contributions to his retirement account and life insurance.

That doesn't mean Cook will see that cash anytime soon. The stock options will be vested over a two five-year periods, with the first half available in Aug. 2016 and the second in Aug. 2021. Cook already as 13,754 shares in Apple, making his chunk of the company worth $580 million.

Jobs was paid a $1 annual salary, but owned 5.5 million shares of Apple, currently worth $2.3 billion.

Cook's pay package isn't surprising considering Apple has more cash reserves than the U.S. government. And we don't see the lines for the next iteration of the iPhone or iPad shrinking anytime soon.

Taking the helm of Apple in the same year its iconic co-founder tragically passes away was not an easy feat, but Cook has been able to keep the company on steady ground.